Calabasas Housing Needs

1. Calabasas Housing Needs Karen Warner, AICP Calabasas Housing Affordability Workshop October 1, 2005

2. Major Housing Crisis in Southern California • Over 220,000 new housing units needed annually to keep pace with population growth • Nearly half of all renters pay over 30% of their income on rent • Only 14% of LA County households can afford median priced home

3. Who in Calabasas Needs Affordable Housing? • People who work in Calabasas and cannot afford to live here • Teachers, nurses, police officers, retail workers, childcare providers • Special needs households • Senior citizens, disabled persons, single-parent households • Children of long-time Calabasas residents

4. Rental Affordability Gap Analysis Salary of Entry-Level LVUSD Teacher $38,000 Affordable Housing Cost Ratio x 30% Max Monthly Affordable Housing Cost $950 Current Calabasas Rents (1bdrm) $1,300 Utility Allowance + $75 Actual Monthly Housing Cost $1,375 Affordable Housing Cost - $950 RENTER AFFORDABILITY GAP $425/month

5. Calabasas Workforce Priced Out of Rental Market

6. Homeownership Affordability Gap Analysis Salary of L.A. Co. Firefighter $52,596 (midpoint of range, 56 hrs/week) Max Affordable Purchase Price $185,000 Median Price of Condo in Calabasas $525,000 OWNER AFFORDABILITY GAP $340,000

7. Homeownership Out of Reach for Most Working Professionals • Median price of condo has risen to $525,000, Single-family home has risen to $1.5 million • An income of $130,000 is needed to purchase the median priced condo, and $390,000 is needed to purchase median priced home in Calabasas

8. Affordable Housing Needs of Calabasas Workforce • City’s 9,600+ employment base includes numerous lower paying jobs, especially retail and service sectors • 1998 Study estimates 40% of recent Calabasas workforce earn low & moderate incomes • Large segment of workforce can not afford to rent or purchase a home in Calabasas • 1998 Study estimates over half of recent workers commute over 30 miles daily

9. Characteristics of Calabasas Senior Population • Growing segment of population • 9% > 65 years of age • 10% between 55-64 years of age • 1/3 of senior households > 75 years of age • 29% of senior households live alone • ¼ of seniors have some type of disability

10. Do Calabasas Seniors Need Affordable Housing? • Approximately ¼ of seniors earn lower incomes (<$40,000) • Nearly half of Calabasas Village Mobile Estates occupied by seniors • 10% of residents in City’s two apartment complexes are seniors • 42 lower income seniors currently receive assistance through City’s Rental Assistance Program

11. Calabasas Housing Obligations -State Housing Element Requirement • One of 7 State-mandated General Plan elements • Major components include: - Housing needs assessment - Evaluation of constraints - Evaluation of potential residential sites - 5 year program strategy to address needs • Sets forth City’s regional housing needs (RHNA) • Required to undergo State HCD review • City working towards implementing program for development of senior and workforce housing

12. Calabasas Housing Obligations -Affordable Housing Trust Fund • Developer fees collected to address affordable housing needs generated by new development • City’s primary funding source to support production of affordable and mixed income housing • Allocation of Trust Fund resources critical to addressing regional housing needs (RHNA) and maintaining Housing Element compliance

13. Why is Affordable Housing Important In Our Community? • Strengthens the sense of community when people who work here also live here • Allows for multiple generations of families to remain in their community

14. Why is Affordable Housing Important in Our Community? • Improves quality of life – less commuting, improved air quality • Enhances City’s ability to attract major employers and jobs